HandHeld Entertainment Acquires Putfile.com for $7.1 Million ($1.08 million in cash and approximately $6.0 million in HandHeld Entertainment common stock) and Increases Audience to More Than 13.7 Million Unique Visitors and 83 Million Page Views. Putfile.com is a leading free digital media service featuring user-generated content.
Under terms of the acquisition, HandHeld Entertainment paid $500,000 in cash at closing for Putfile.com, and approximately $580,000 payable during the next 12 months in equal monthly payments, plus 2,092,050 shares of restricted common stock, which may be sold in 1/12th increments per month during the next 12 months.
Putfile.com highlights include: More than 9.5 million unique visitors during January 2007; more than 61 million page views in January 2007; more than 1.4 million registered users (as of today); more than 80,000 creative media uploads to its Web site last week alone (pictures, videos, flash media animations, etc.); more than 408,000 user-generated videos available for free online viewing (as of today); and an Alexa ranking of 1,093.
HandHeld also owns: Dorks.com (acquired November 14, 2006); FunMansion.com (acquired December 1, 2006) and YourDailyMedia.com (acquired December 18, 2006) .
